HomeMy WebLinkAboutResolution Central City Local Government Corporation (CCLGC) FWCCLGC-2013-02RESOLUTION
CCLGC 2013-02
CENTRAL CITY LOCAL GOVERNMENT CORPORATION
RESOLUTION
OF THE BOARD OF TRUSTEES
Authorizing the Acceptance of Ownership of Property Located
in the 200 Block of 151h Street from Lancaster Corridor Redevelopment, LLC
WHEREAS, the Central City Local Government Corporation (the "Corporation") was
incorporated on May 3, 2005 under the provisions of Subchapter D, Chapter 431 of the Texas
Transportation Code and Chapter 394 of the Texas Local Government Code organized for the benefit of
the City of Fort Worth (the "City"), specifically for the purpose of aiding, assisting, and acting on behalf
of the City of Fort Worth in the exercise of its powers to accomplish any governmental purpose of the
City and in the promotion of the common good and general welfare of the City; and
WHEREAS, the Lancaster Corridor Redevelopment, LLC ("Company") is a sole purpose entity
created for the purpose of facilitating the development of a mixed use project located along Lancaster
Avenue between Throckmorton Street and Jennings Street, and between Jennings Street and Monroe
Street in order to promote revitalization of the area and to benefit the citizens of Fort Worth by creating
affordable housing, retail, jobs and commercial opportunities in an area in need of revitalization
("Project");
WHEREAS, the Corporation wishes to assist the City of Fort Worth in promoting growth and
economic development within the Central City area by developing a parking garage on property located
in the 200 Block of 15th Street (the "Parking Garage"), which Parking Garage will serve the owners and
tenants of the Project, members of the public, and others;
WHEREAS, the Corporation desires to own the property located in the 200 Block of 15th Street,
more particularly described as Lots 23 through 34, Block V, Daggetts Addition, an unrecorded addition
to the City of Fort Worth, Tarrant County, Texas (the "Property"), for the construction of the Parking
Garage;
WHEREAS, to assist the Corporation in its effort to obtain the property before a deadline given
by the prior owners, the Company purchased the Property from the prior owners with a loan from the
Corporation in the amount of $2,512,560.00 ("Loan"), with the agreement that the Company would
convey the Property to the Corporation at no cost to the Corporation after the approval of the Board of
Trustees of the Corporation, in full satisfaction of the Loan;
WHEREAS, Corporation desires to accept ownership of the Property from Company, in full
satisfaction of the Loan.
1
NOW THEREFORE, BE IT RESOLVED BY THE BOARD:
Section 1. That the conveyance of the ownership of the Property from Company to
Corporation is hereby accepted, and approved in all respects, and the Corporation is authorized to
execute any and all necessary documents to effect the acceptance of ownership;
Section 2. That upon the transfer of ownership to Corporation, Corporation acknowledges
the payment in full of the Loan, and the Loan will be thereby extinguished; and
Section 3. That this Resolution shall take effect immediately from and after its passage.
Dated: February 5, 2013
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